Faced with a disastrous drought this season, Argentina has a soybean deficit, which it can fill with imports from Brazil. It is reported by Reuters, citing the opinions of surveyed market analysts.
“Brazil will harvest a record crop and increase sales to Argentina by at least 10 times,” said Sol Arcidiacono, head of Latam Grains at HedgePoint Global Markets.
Argentina, which is expected to harvest about 25 million tons of beans this season, may have to import up to 10 million tons of oilseeds, more than double the level of previous years.
“Brazil and Paraguay will be the main suppliers, but Uruguay and Bolivia will also deliver small quantities,” industry experts say.
According to one of Carlos Gogo’s representatives, Brazil will be able to offer the world market up to 97 million tons of soybeans in 2022/23 MY on the back of a high crop. He believes shipments will be about 5 million tons to Argentina although the final estimate could be higher.
“Everything will depend on the demand for the crop from China, the main global importer,” he added.
Agrinvest analyst Eduardo Vanin explains that Argentina will be better off buying soybeans from Brazil, as a record harvest is expected there, which will then lead to a gradual decline in commodity prices amid surpluses.
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